FY results were in-line with revised guidance, with revenue declines across most of its territories. A weak 1H was followed by a much stronger 2H performance (up 23%) as demand patterns normalised and new products boosted demand. The final months of the year saw good momentum, which has continued into FY26. Management action on costs continues. We introduce new FY26 forecasts, based on guidance of a similar year to 2025, with management cautious of some early indicators of recovery across mixed ....
